Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.24.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Sale of Business

A reconciliation of the accounting for the Company’s Pharma Solutions business in 2023 and 2022 is as follows:

    2023     2022  
    Gain (loss) on Sale  
    2023     2022  
Purchase price   $ -     $ 7,000  
Earnout received     -       1,043  
Working capital adjustment, net     (117 )     (766 )
Less: transaction costs     -       (307 )
Total net consideration   $ (117 )   $ 6,970  
Assets and liabilities disposed of, net (1)     -       (6,970 )
Gain (loss) on sale   $ (117 )   $ -  

 

(1) includes goodwill and intangible assets written down prior to the Transaction. The goodwill write-down was approximately $8.4 million and the write-down of intangible assets was approximately $3.8 million.
Schedule of Components of Assets and Liabilities and Revenue Classified as Discontinued Operations

The components of assets and liabilities classified as discontinued operations consist of the following as of December 31, 2023 and December 31, 2022:

 

    December 31,     December 31,  
    2023     2022  
Accrued salary and bonus   $ -     $ 92  
Other (1)     660       766  
Current liabilities of discontinued operations     660       858  

 

(1) Includes $660 and $766 of liabilities related to the former Commercial Services business unit for the periods ending December 31, 2023 and December 31, 2022, respectively.

 

 

The table below presents the significant components of its former Pharma Solutions and Commercial Services business units’ results included within loss from discontinued operations, net of tax in the consolidated statements of operations for the years ended December 31, 2023 and 2022.

 

    2023     2022  
    For The Years Ended  
    December 31,  
    2023     2022  
       
Revenue, net   $ -     $ 5,678  
                 
Loss from discontinued operations     (43 )     (15,968 )
Income tax expense     267       125  
Loss from discontinued operations, net of tax   $ (310 )   $ (16,093 )